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GSAM assets flat for quarter; firm reports net outflows of $30 billion

Goldman Sachs reported $1.373 trillion in assets under supervision for its Goldman Sachs Asset Management and wealth management businesses as of March 31, flat from three months earlier but up 7% from a year earlier, its first-quarter earnings statement showed Tuesday.

Net outflows for the quarter were $30 billion, compared to net inflows of $48 billion for the previous quarter and net inflows of $26 billion for the first quarter of 2016. The first quarter saw net inflows of $6 billion in fixed income and $2 billion in alternatives, and net outflows of $3 billion from equities. Liquidity strategies recorded net outflows of $35 billion.

By asset class, Goldman Sachs reported $615 billion in fixed-income assets as of March 31, up 2% from Dec. 31 and up 9% from March 31, 2016; $323 billion in liquidity strategies, down 10% from the end of the previous quarter and flat from the end of the year-earlier quarter; $279 billion in equities, up 5% from Dec. 31 and up 11% from March 31, 2016; and $156 billion in alternative investments, up 1% from three months prior and up 6% from 12 months previous.

Net revenues in investment management were $1.5 billion for the first quarter of 2017, 7% lower than the fourth quarter of 2016 but 12% higher than the first quarter of 2016. The increase in net revenues compared with the first quarter of 2016 was primarily due to higher incentive fees and higher management and other fees.

Investment management and other fees were $1.22 billion for the quarter ended March 31, down 1% from the previous quarter but up 5% from the year-earlier quarter.